Audit-Related Services

The list under Article 33

• setting up, restoring and maintaining accounting records and preparing financial statements, including IFRS financial statements;
• acting as the audit commission (internal auditor) or as a trust manager of investment assets;
• advice on accounting and preparing financial statements;
• advice on taxes, calculations and returns — with a tax consultant on staff or under contract; an opinion on tax liabilities in the voluntary liquidation of companies with turnover of up to UZS 10 billion and a medium tax risk;
• analysis of financial and business activity, financial planning, business plans, management consulting;
• seminars and conferences on accounting, auditing, taxes and analysis;
• recommendations on automating accounting and on information security of financial data;
• valuation of a bank's assets, liabilities and off-balance-sheet items;
• other services provided for by auditing standards — for example, a review engagement, agreed-upon procedures, compilation.

What cannot be combined with an audit

An audit firm is prohibited from auditing a client for which, during the period under review, it kept or restored the books, prepared the financial statements or acted as the audit commission (Article 34). Advisory, analysis and training do not create such a prohibition, but restrictions still apply where there is a conflict of interest.

When related services are more useful than an audit

• the books need to be put in order before a mandatory audit — restoration of the books by one firm, the audit by another;
• IFRS financial statements are needed for a group or a bank;
• an independent view on a specific issue is needed — agreed-upon procedures on specific items;
• a tax opinion is needed on the liquidation of a small company.